Scottish rents stall at peak level in July
- Rents across Scotland at record levels except in Edinburgh and Glasgow, as growth cools in the cities
- Overall average Scottish rent remains at peak £549, with no monthly change in July 2015
- Annual rent rises also starting to slow in July, down from 3.1% in June to a 2.8% year-on-year increase
- Another setback for Scottish tenants, with 9.6% of all rent paid in arrears – rising from 6.2% a year ago
Scottish rents have begun to plateau as growth cools off in urban centres, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
The average residential rent in Scotland remains at an all-time record high of £549 per month in July 2015. But on a monthly basis, Scottish rents are showing no change from June, as rents have plateaued after hitting a new peak.
This has been mirrored by a downturn in annual growth in July. Scottish rents are now 2.8% higher than a year ago – however this slowed from 3.1% in the year to June, after a prolonged period of accelerating rent rises in the first half of the year.
Brian Moran, lettings director at Your Move Scotland, comments: “We’ve reached a tipping point in July. Rents in Scotland have been building to a crescendo so far in 2015, and rent rises have been quickening their step. But now we’ve reached a mid-point in the year, the rental market has clearly paused for breath.
“Tenants will be relieved for now, but only time will tell whether we’ve reached a fork in the road for the private rented sector, or whether rent growth will start to amp up again as autumn approaches, and the age-old disparity between available homes and those looking to rent rears its head again.